# Prof. Michael Spence on the US economy

1 Faculty News August 23, 2013 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg](http://www.bloomberg.com/news/2013-08-23/jpmorgan-sub-new-normal-growth-seen-confronting-next-fed-chief.html) -- "Other economists, including Mohamed El-Erian, chief executive officer of Pimco, Kenneth Rogoff of Harvard University and Nobel laureate [Michael Spence](http://www.stern.nyu.edu/faculty/bio/a-michael-spence), aren’t as pessimistic. 'The American economy still has great strengths in terms of innovation,' said Spence, a professor at New York University’s Stern School of Business. 'It’s very flexible and adjusts relatively quickly.'”

[Read more](http://www.bloomberg.com/news/2013-08-23/jpmorgan-sub-new-normal-growth-seen-confronting-next-fed-chief.html)